RenaissanceRe Holdings Ltd. posted record first quarter operating income of $195.7 million compared to $54.5 million in the first quarter of 2005 on light catastrophe losses and prior year reserves.

Broken down, operating income per share was $2.73 in the first quarter of 2006, compared to 76 cents in the first quarter of 2005.

RenaissanceRe was expected to make $1.75 a share in the period, according to the average estimate of 13 analysts in a Thomson First Call survey.

First quarter 2006 income rose $135 million to $179 million or $2.49 per share in the quarter.

Neill A. Currie, CEO, said: ?We had a strong first quarter with over 8 percent growth in our book value per common share.

Our first quarter results benefited from light catastrophe losses and lower than expected reported claims on prior year reserves within our reinsurance segment, but also demonstrate the ongoing strength of the RenaissanceRe business and franchise.?

Improved pricing and terms for catastrophe reinsurance allowed the company to grow its managed catastrophe reinsurance premium by 23 percent in the quarter.

The company continues to expect growth of over 15 percent for the year although Mr. Currie noted that there remains substantial uncertainty in the company?s Florida opportunities.

Fewer attractive opportunities than hoped for within specialty reinsurance led to a 43 percent decline in specialty premium, more pronounced than the company?s 2006 guidance of a 35 percent decline. The individual risk segment is on track with expectations of 15 percent top line growth for the year, Mr. Currie said.

?We are pleased with the performance for the quarter. The team is energised, and we are well positioned to participate in the hardening property catastrophe market we now see for this year,? Mr. Currie said.